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Trading Symbol: TSX.V: PTV
Petro Vista Announces Successful Tartaruga Test
VANCOUVER, BRITISH COLUMBIA – February 14, 2011 - (TSX-V:PTV). Petro Vista Energy Corp. (“Petro Vista” or the "Company") is pleased to announce the successful completion and test results by UP Petroleo of the previously announced Tartaruga discovery in Brazil.� A cased hole test on the P6 Zone in the Penedo Formation (depth 3235 meters to 3268 meters over all) produced at a limited rate of 744 barrels of oil per day (gross) of 41.5 API gravity oil with no water cut on a 10/64th choke with a flowing bottom hole pressure of over 2800 psi.� Flow was limited due to the inability of the surface facilities to handle larger volume. Based on engineering analysis of the test data received from Schlumberger, real time Bottom Hole flowing pressure information, and electrical log data, it is estimated that this zone could produce up to 1,550 barrels of oil per day.� There are 5 additional zones in the Penedo Formation that appear to be capable of production and planned to be tested and completed at a future date.
The forward plan is to put this well into immediate production using the existing facilities along with well 1-SES-107D that is currently producing at 80 barrels of oil per day (gross) and will be worked over in the near future to increase productivity. It is believed that the field will support at least two additional development locations and there is a deeper Serraria Formation prospect underlying this field that can be targeted with one of the upcoming development wells. A reserve report incorporating the new test results is being finalized and will be released in the near future.
Petro Vista Chairman Keith Hill states: “We are very pleased that the Tartaruga discovery has now been tested after lengthy delays due to permitting.� UP Petroleo can now move forward with further development and exploration plans. By combining anticipated future production with the upcoming Morichito production in Colombia, we should be able to fund a significant portion of our work program in 2011 through cash flow.”
Having concluded its farm-in obligations, Petro Vista will be seeking approvals for an acquisition from UP Petroleo and transfer to Petro Vista Brazil of a 37.5% working interest (27.23% net revenue interest) in the Tartaruga Block, such transfer being subject to first receiving all necessary approvals from Petrobras Brasilia S.A and the Agencia Nacional do Petroleo (ANP).
Columbia - Update
Petro Vista anticipates completion of the 3D seismic survey over Block 5 in the Upper Magdelena Basin in Colombia by the end of February 2011. The Company holds a 25% carried working interest in this block that is operated by SK Energy.� The survey covers 500 square kilometers (420 square kilometers over the Consuela-La Mocha area in the southeast portion of the block.� The survey will confirm the prospectivity of a large structure identified on existing 2D seismic data and the presence of multiple reservoir targets. Following completion, it is anticipated that an exploration well will be drilled, with the Company contributing 25% of the costs.
Due to unprecedented rains in the region, the completion of the recent Morichito-5 and Noelia-1 (La Maye Block) discovery wells and drilling of the Morichito 5B exploration / appraisal well and the second exploration well on the La Maye block will be deferred into the later part of the first quarter of 2011.� The Company has received an extension from the Agencia Nacional do Hidrocarburos (ANH) to March 31, 2011 to drill the Morichito 5B well.
About Petro Vista Energy
Petro Vista Energy Corp. is an independent exploration company engaged in the acquisition, exploration and development of oil and natural gas properties located in South America. The Company has exploration, development and production rights to over 721,375 acres gross (196,283 net) leasehold acres in Colombia and Brazil. The Company's website at www.pvecorp..com provides additional information about the Company's plans, including photographs and other information with respect to its operations and assets.
ON BEHALF OF PETRO VISTA ENERGY CORP.
"Keith Hill"
Chairman of the Board of Directors
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding exploration success, future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling, completion and production risks, regulatory changes and availability of capital. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
For further information please contact:
Petro Vista Energy Corp.
Investor Relations
Toll Free: +1 (877) 427-3876
Email: investor@pvecorp.com
Website: www.pvecorp.com
Mailing Address:
Petro Vista Energy Corp. (USA)
302 North El Camino Real Suite 108
San Clemente, California 92672, USA
Tel: +1 (949) 542-3345
Fax: +1 (949) 542-3347
E-mail: info@pvecorp.com
Web: www.pvecorp.com
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